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Prices Paid: Buying & Leasing Experiences Mazda3 Lease Questions
445 messages, Last post on Nov 23, 2009 at 6:54 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: banshee24 (Jul 07, 2009 11:42 am) You do not want to put that much money ($3,500) down on a lease. Perfect explanation why from leasecompare.com: Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss. For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost. The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider: - Money down is taxable - Take the money you would have put down and invest it - Put your down payment in a savings account and use a portion each month to help make your lease payment |
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| I have a 2008 Nissan Sentra Spec V lease that is up in October. I am looking to terminate the lease this month to get into either a mazda 3 hatchback sport with moon and tech package or a gt base model. I have $1850 in excess milage on the sentra and 3 remaining payments at $350/payment. I am looking for the current money factor as well as residual so I can figure out which dealer is giving me the best deal. Also, I am looking to do this with just 300 down. Can you tell me if this is possible on either models and if so, what can I expect to be paying with the above criteria. Thanks! | |
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Replying to: tbrouillard (Jul 07, 2009 12:57 pm) Current Lease You're $1850 over in mileage on the Nissan and you have three months left on the lease  $350 per month. So if you turned the car in today, you'd end up paying $2900. Not a good thing! Do you know the residual value of the Nissan (established in the lease contract)? I'm just thinking that you might be better off buying the Nissan for that price rather than paying for the excess mileage. Residual values on leases are usually low-balled somewhat to bump the monthly lease payments up a bit. I would check the contract to see what the Residual Value figure is, then check on Edmunds (and KBB) to see how much the car is actually worth. Turning it in early- are you wanting to do this because the excess mileage cost for the next three months will be greater than the $1050 in payments? If not, you really should hang on to it until the lease is up. Current Mazda Lease Specials- the only lease special I currently see is on the 2010 Mazda3 s Sport 5-door Automatic (w/ no other options). It's a 42 month lease, $279 per month, $0 due at signing, 12k miles per year (42k over the term of the lease) and $0.15/mile overage. Buying vs. Leasing- are you sure that leasing your next vehicle is a better choice than buying it? Will you end up having excess mileage on the next car, too? If you drive more than the typical 12-15k per year allowed, buying is almost always the better choice! Mazda is currently offering 3.9% APR for 60 months on the Mazda3. $22k financed for 60 months at 3.9% would be $404 per month.
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Replying to: igozoomzoom (Jul 09, 2009 12:52 am)
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Replying to: tbrouillard (Jul 09, 2009 4:38 am) |
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I drove this off the lot yesterday...iTouring w/Bose and Moonroof. What do you think of this lease deal? MSRP = $20,495 Price = $18,995 + $595 acq fee Term = 36 mo/12K miles Residual = 60% ($12,300) Money Factor = 0.00179 I paid the ACQ fee up front so adjusted cap = $18,995 My monthly payment = $242 Thanks for your help, Eric |
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2010 Mazda 3 S Hatchback, automatic, moonroof/Bose Is either/both a good deal? Which is the better deal? Sales price $19,911 plus $1,424 tax/tags = $21,335 out the door Buy/Finance $21,335 3.9%/60 month (std current Mazda 3 financing) = $391.96/mo Lease 36 mos/ 10,000 miles/year; $0 cash out the door, first month pmt included, 35 monthly payments of $318.71; residual $10,687.20, money factor .00050 |
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Considering to buy a Mazda 3 Sport (Manual) in NH, i was wondering if the Money Factor changes according to the dealers or state or month? What is for this month? What's the Residual value for Mazda 3 sport, 36 or 42 month lease? All i want to do is drive mazda 3s with monthly payment around $179. How much down do i have to put it in? If someone could answers these questions i would really appreciate it !
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MSRP for 2010 Mazda 3 Sport (Manual) is $19990 and the invoice price is $18766. Does anyone know in general how much could the dealers go down from the invoice price? Would be price be different for leasing or buying? Can they go down $1000, $2000 etc?
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Replying to: kushalsherpa (Jul 21, 2009 5:40 am) FYI you should never lease longer then a warranty. So a 42 month lease should not be an option for you. You also do not want to "put down" money to get to a certain payment. Perfect explanation from leasecompare.com: Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss. For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost. The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider: - Money down is taxable - Take the money you would have put down and invest it - Put your down payment in a savings account and use a portion each month to help make your lease payment
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